Allegro MicroSystems (NASDAQ:ALGM) Stock Moved Up to “Moderate Buy” by Royal Bank Of Canada

by · The Cerbat Gem

Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) was upgraded by investment analysts at Royal Bank Of Canada to a “moderate buy” rating in a report released on Friday, Zacks reports.

Several other analysts have also issued reports on the company. Morgan Stanley increased their price objective on Allegro MicroSystems from $51.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Wall Street Zen upgraded Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. Barclays lowered Allegro MicroSystems from an “overweight” rating to an “equal weight” rating and set a $48.00 target price on the stock. in a research report on Monday, July 20th. Weiss Ratings raised Allegro MicroSystems from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, August 3rd. Finally, Benchmark assumed coverage on shares of Allegro MicroSystems in a research note on Wednesday, August 12th. They issued a “buy” rating and a $60.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.17.

View Our Latest Research Report on ALGM

Allegro MicroSystems Trading Up 8.7%

Shares of ALGM opened at $39.53 on Friday. The business’s 50-day moving average price is $38.31 and its 200 day moving average price is $43.10. The company has a current ratio of 3.70, a quick ratio of 2.33 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $7.37 billion, a P/E ratio of 658.94, a P/E/G ratio of 1.15 and a beta of 1.99. Allegro MicroSystems has a 1-year low of $22.41 and a 1-year high of $71.77.

Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. The company had revenue of $259.24 million during the quarter, compared to analyst estimates of $251.44 million. Allegro MicroSystems had a net margin of 1.50% and a return on equity of 8.30%. The business’s quarterly revenue was up 27.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.09 earnings per share. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. Analysts expect that Allegro MicroSystems will post 0.65 earnings per share for the current year.

Insider Activity at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Erin Hagen sold 2,285 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $44.39, for a total value of $101,431.15. Following the completion of the transaction, the senior vice president owned 31,052 shares of the company’s stock, valued at $1,378,398.28. This represents a 6.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

A number of hedge funds have recently modified their holdings of the stock. Archford Capital Strategies LLC acquired a new stake in shares of Allegro MicroSystems during the 2nd quarter worth about $348,000. Nykredit A S acquired a new position in Allegro MicroSystems in the second quarter valued at about $264,000. Corient Private Wealth LP grew its stake in Allegro MicroSystems by 39.8% during the second quarter. Corient Private Wealth LP now owns 19,425 shares of the company’s stock worth $1,352,000 after buying an additional 5,526 shares during the last quarter. Amundi bought a new stake in Allegro MicroSystems during the second quarter worth about $3,430,000. Finally, HighTower Advisors LLC acquired a new stake in shares of Allegro MicroSystems during the second quarter worth approximately $434,000. 56.45% of the stock is owned by institutional investors and hedge funds.

About Allegro MicroSystems

(Get Free Report)

Allegro MicroSystems, Inc (NASDAQ:ALGM) develops and manufactures semiconductor solutions that enable motion, power management and energy efficiency in automotive and industrial applications. The company specializes in sensor integrated circuits and power semiconductor devices designed to monitor, control and improve the performance of electronic systems.

Its product portfolio includes magnetic sensors for detecting position, speed, current and angle, as well as power management integrated circuits, motor drivers, LED driver ICs and other application-specific solutions.

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